MCA annoyed over ICAI issuance of clarification on rotation – Instructed to withdraw the same
I am directed to refer to subject cited above and to state that ICAI has issued an announcement regarding clarification on Applicability of
Rotation principles on a company as per Section 139 of the Companies Act, 2013, where the company ceases to fall under the ambit of Rotation principles in subsequent years In this connection, it is stated that
the issuance of any clarification on different provisions of Companies Act falls in the domain of this Ministry and
ICAI is neither empowered
nor competent to issue such clarification and especially so without prior consultation with this Ministry.
In view of above, you are requested to immediately withdraw the said announcement & intimate this Ministry the reasons for issuing such announcement without any authority & without the specific approval of this Ministry.
For Details visit below Circular –
